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Wednesday, August 26, 2009

Banks and Their Short Sales

Short sales have been flooding the real estate market since the end of 2007. Now, more than ever in certain areas, there is an influx of unattended properties being foreclosed on.

In 2008, banks were accepting 50k to 60k less than the asking price, now its 5 to 10k off the asking if your lucky, why?

1) Banks want to hold until things get better
-the basic premise of this is even though they are taking a hit, they figure we will take the losses once things turn around and in there own way they believe that banks (the ones that got us into this mess) can get us out by selling nothing less than the appraised value.

2) Local vs. National
- you will be lucky to get a local but a national can take months and I mean months, thus it wont be worth if you have to move at a certain time. Try to find one that is local, they have less inventory and it will be more personable to the agent who listed the property.

3) Deal with the Bank Directly
- its as simple as that, you have the authority to ask the seller for permission to speak with the bank directly, in the hopes for getting things moving forward in a timely manner.